INSURANCE NEWS
PE Firms EQT, PAI Among Bidders for €2 Billion Insurance Broker Global
Private equity firms EQT AB, PAI Partners and Stone Point have been shortlisted in the bidding for German insurance brokerage Global Group, people familiar with the matter said. Global Group, which is backed by buyout firm Castik Capital, could fetch …
Agency Probes Reports Waymo Self-Driving Cars Illegally Passed School Buses in Texas
A U.S. agency said on Thursday it has asked Waymo to answer more questions after Texas officials said the Alphabet GOOGL.O unit’s self-driving vehicles had illegally passed school buses 19 times in recorded incidents since the start of the school …
New York Times Sues Perplexity AI for ‘Illegal’ Copying of Content
The New York Times filed a lawsuit against Perplexity AI on Friday, claiming that the artificial intelligence startup was copying, distributing and displaying millions of its articles without permission. The startup has become a target of multiple legal disputes and …
AM Best Revises Outlook to Negative for Nazareth Mutual
AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Nazareth Mutual Insurance Co., based …
Swiss Re Shares Drop After New Profit Target Falls Short of Expectations
Swiss Re shares dropped 7.5% on Friday after the world’s second-largest reinsurer announced a new profit target that fell short of market expectations. The Zurich-based company said it was aiming for group net income of $4.5 billion next year, up …
Standard Chartered Settles £1.5 Billion Iranian Sanction Suit in London
Standard Chartered Plc has settled an investor lawsuit worth £1.5 billion ($2 billion) over allegations it systematically breached sanctions against Iran to win new business. In a London Court of Appeal ruling over disclosure published on Friday, the judge acknowledged …
Will it Take a Catastrophe for Nations to Take Issue of Space Debris Seriously?
China routinely sends astronauts to and from its space station Tiangong. A crew capsule is about to undock from the station and return to Earth, but there’s nothing routine about its journey home. The Shenzhou-20 capsule will carry no crew, …
Cloudflare Says It Fixed Outage That Slowed Banking Sites, Zoom
Cloudflare Inc. said it has fixed a problem that led to the websites for several banks, Shopify, Zoom and LinkedIn to go down Friday. “A fix has been implemented and we are monitoring the results,” the San Francisco-based company said …
Report: Climate Change, Weather Impacts on Household Budgets Up to $900 Yearly
A working paper from three well-known economists shows the impacts of global warming and particularly extreme weather on the budgets of American households is up to $900 per year. The paper was authored by former Treasury Department officials Kimberley Clausing, …
Apartment Building Fires Displace 70 Massachusetts Families; No Injuries Reported
Both of the apartment building fires that displaced 70 families in Holyoke this week appear to be accidental but the exact causes remain under investigation, according to city and state fire officials. Holyoke Fire Chief John Kadlewicz and State Fire …
Markets/Coverages: Bold Penguin Adds Parametric Coverage With Adaptive Partnership
Bold Penguin announced a partnership with Adaptive Insurance, expanding coverage options available through the Bold Penguin Placement Desk. Adaptive is pioneering the path to resilience in the face of emerging climate risks, starting with their GridProtect parametric power outage coverage. …
Viewpoint: Healthcare Cyber Insurance at an Inflection Point
The cyber insurance market is reaching an inflection point where underwriting companies must differentiate healthcare from other industries in how the risk is evaluated, priced, and how claims are managed. Healthcare cyber claims data tells a consistent and troubling story: …